Duos Technologies Group Inc (OTCMKTS:DUOT) said Thursday it expects to post record revenue during its fiscal fourth quarter and full year 2019 periods.
The artificial intelligence company’s preliminary revenue figures point to revenue of a record $5.7 million during the three-month period ended December 31, 2019, with FY 2019 revenue also coming in at a record $13.6 million.
The numbers represent a 123% increase over 4Q 2018 and a 13% increase from FY 2018, when the company saw revenue of $2.6 million and $12 million respectively.
READ: Duos Technologies expects strong 4Q revenue with full-year guidance of $13.5 million to $14 million
Jacksonville-based Duos’ results come down to the firm’s ability to execute on its long-term strategic roadmap, CEO Gianni Arcaini told shareholders.
"We've entered 2020 with significant operating and sales momentum,” Arcaini said in a statement.
“Based on our current projections, we are anticipating continued, robust double-digit growth in 2020 and are reaffirming our annual revenue expectations of $20 million. Furthermore, with our proposed NASDAQ listing, we are eager to capitalize on the opportunity to more widely spread the Duos story to a new, broader audience."
Highlights during the fourth quarter included the company implementing a turnkey rail inspection portal (rip) at a site in Georgia run by US railroad operator CSX Transportation.
The rip installation will help CSX, which owns and operates a combined 140,000 miles of rail track, to automate mechanical inspections for its railcars, which have typically been conducted manually.
Duos is also on track to complete rip with another customer in Mexico within the next 60 days, it said in a release.
CEO Arcaini said the innovation team is working to develop a number of new disruptive technologies for the various verticals the company serves.
“We expect these innovations to have a positive contribution with both new and existing customers in the coming months, which should drive additional growth and further diversify our revenue mix,” Arcaini said.
The company reaffirmed its total revenue guidance of $20 million for FY 2020, which would represent an increase of 47% compared to preliminary 2019 results.
Final results are expected to become available by the end of March.
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